The National Housing Trust (NHT) was established in 1976 through an amendment to the National Insurance Act of 1976. During 1995-96, the NHB formulated a refinance scheme for RRBs to augment the flow of credit for housing activities. The National Housing Trust (NHT) was established in 1976 through an amendment to the National Insurance Act of 1976. Context: The Cabinet has approved payment of the face value of the subscribed share capital of Rs.1450 crore in National Housing Bank(NHB) to Reserve Bank of India (RBl) consequent to amendments made to the NHB Act, 1987 in 2018. HF Group, whose official name is Housing Finance Company Limited (HFC Limited), but is commonly referred to as Housing Finance, is a mortgage finance provider in Kenya, the largest economy in the East African Community.The company is the only mortgage company regulated by the Central Bank of Kenya, the central bank and national banking regulator. 1. As on 31-12-2017, NHB disbursed an interest subsidy of ₹1600 crore to 113 Primary Lending Institutions, Launched the revamped NHB RESIDEX and now covers 50 cities, The Finance Act, 2018 amended certain provisions of the National Housing Bank Act, 1987, inter alia, enabling transfer of share capital of NHB from Reserve Bank to Central Government, Government of India announced the establishment of Affordable Housing Fund in NHB, Cumulative Refinance Disbursements crossed ₹2 lakh crore mark, The Total Assets of the Bank crossed ₹75,000 crore, Refinance Disbursements of the Bank crossed ₹25,000 crore, Refinance Outstanding of the Bank crossed ₹69,000 crore. Lending to Housing Finance Institutions •Banks may grant term loans to housing finance institutions taking into account (long- term) debt-equity ratio, track record, recovery performance and other relevant factors. NHB was part of the RBI till April this year when the government decided to take it over. GOI started the National Housing Bank (NHB) in 1988. With the strong backing of parent RBI, sound asset quality and adequate capitalization the company has a AAA-rating awarded by credit rating agencies. Plagiarism Prevention 4. 3 Supra note 1 4 ... Aboriginal housing institutions and businesses capable of taking over all housing program functions simply do not exist with precious few exceptions. Article shared by. About National Housing Bank (NHB) NHB was set up in July, 1988 under the National Housing Bank Act, 1987. •It should be ensured that the housing finance companies’ total borrowings, including deposits/debentures/bonds raised, loans and advances from banks or from financial Information about the National Housing Bank (NHB) is given. The National Housing Authority shall have the power to summarily eject, without the necessity of judicial order, any and all squatters' colonies on government resettlement projects, as well as any illegal occupants in any homelot, apartment or dwelling unit owned or administered by it. The Golden Jubilee Rural Housing Finance Scheme is being implemented through scheduled banks, HFCs and co-operative sector institutions. (vi) borrowings in foreign currency from banks or financial institutions in India or abroad. The nine important functions of development banks in India are as follows: To promote and develop small-scale industries (SSI) in India. 2. For Prelims and Mains: Role, objectives and significance of NHB. The Golden Jubilee Rural Housing Finance Scheme is being implemented through scheduled banks, HFCs and co-operative sector institutions. It has cleared 56 project proposals for land development and shelter construction involving a total outlay of Rs. The recommendations of the High Level Group were accepted by the Government of India. National Housing Bank was established under section 6 of National Housing Bank Act (1987). … To co-ordinate the working of all agencies connected with housing . To facilitate the development of large-scale industries (LSI) in India. Oman Housing Bank (SAOC) was established on 11.07.1977 as an Omani stock company by virtue of the Royal Decree No. “… to operate as a principal agency to promote housing finance institutions both at local and regional levels and to provide financial and other support to such institutions and for matters connected therewith or incidental thereto …”, “Promoting inclusive expansion with stability in housing finance market”, “To harness and promote the market potentials to serve the housing needs of all segments of the population with the focus on low and moderate income housing ”, NHB has been established to achieve, inter alia, the following objectives-. 09.08.2019, the regulation of HFCs stands transferred to RBI. National Housing Bank(NHB) offers term deposits as well as tax-saving deposits at attractive interest rates, currently superior to a number of banks. Origin of National Housing Bank • It was observed during the 7th five year plan, the Indian housing sector was not progressing due to non availability of long term finance. (PBX) 011-3918 7000-35, NATIONAL HOUSING BANK 2. Read More News on . Reserve Bank of India: Origin and Development. 2.1.1. 21) has covered housing and mortgages for more than 30 years. The Finance (No.2) Act, 2019 (23 of 2019) has amended the National Housing Bank Act, 1987 conferring certain powers for regulation of Housing Finance Companies (HFCs) with Reserve Bank of India. In pursuance of the above, NHB was set up on July 9, 1988 under the National Housing Bank Act, 1987. Lodhi Road, New Delhi-110003, 6.1. Credit Guarantee Fund Trust for Low Income Housing, 12. 414 crores. Resource Mobilisation and Management Department (RMMD), Launch of Refinance Schemes for housing loans, Launch of Schemes for Land Development & Shelter Projects, Launch of Scheme for Equity Participation in Housing Finance Companies (HFCs)/ Building Materials Companies, Issued Housing Finance Companies (NHB) Directions, 1989, Raised Loan of US$25m (first tranche) under USAID Govt Housing Guaranty Program, NHB was notified as a Public Financial Institution, Received a Loan Assistance of Yen 2,970 billion from OECF (now JBIC), Launch of Scheme for Financing Housing Infrastructure, Refinance Schemes for Slum Redevelopment Projects, Guidelines for Prudential Norms for HFCs were issued, Launched Golden Jubilee Rural Housing Finance Scheme (GJRHFS), Drawn from ADB US$20m in 1997-98 and US$30m in 1998-99, First Residential Mortgaged Backed Securitization Issue in the Country, Guidelines for Entry of HFCs into Insurance Business, Refinance Scheme for reconstruction of dwelling units in the earthquake affected areas in Gujarat, Liberalized Refinance Scheme for Housing Loans, First time provided Corporate Guarantee for RMBS, Fraud Management Cell set up to disseminate information on frauds committed on housing loans, NHB RESIDEX was launched (first official residential housing price index), New Products Developed for unserved and underserved segments of Society, Reverse Mortgage Loan for Senior Citizens, Productive Housing in Rural Areas (PHIRA), Refinance for Top-up loan for Indira Awas Yojana Beneficiaries, Equity Participation in New Rural Housing Finance Companies, Occasional Papers & Discussion Papers Series launched, First Regional Office opened at Hyderabad, Establishment of Rural Housing Fund (RHF) with NHB, NHB-UNESCAP Study on pro-poor housing finance: 7 Asian Countries initiated, MOC with UNHABITAT signed for water and sanitation projects for housing, Home Loan Counselling: Diploma program put in place with IIBF, Three Regional Office opened at Chennai, Bengaluru and Kolkata, RML Counselling Programme launched and counselling centres opened at four cities, Housing Information Portal (HIP) launched, NHB SUNIDHI and NHB SUVRIDHI, the two term deposit schemes launched, 6th Regional Representative Office gets operational at Ahmadabad, Development of Asia Pacific Union for Housing Finance (APUHF) with other institutions/countries in the South Asia region, NHB disbursements crossed ₹ 12,000 crore mark, an all-time high, Collaboration with KfW, Germany for promotion of Energy Efficient Housing, SKOCH Financial Inclusion Award 2011 for its intervention in rural housing, ADFIAP Award for Development Finance-led Poverty Alleviation for the year 2011, 2 More Regional Representative Offices (RRO’s) were opened at Patna and Bhopal taking the count of total RRO’s to eight, Refinance Disbursements of ₹14390 Crore in the year 2011-2012 registering an increase of 22% from the year 2010-2011, Disbursement of 5607 Crore towards Rural Housing which constituted 39% of the total refinance Disbursements, NHB-Residex expanded from January 2012 to cover 5 new cities taking the total number of cities to 20, Credit Risk Guarantee Fund Trust for Low Income Housing (CRGFTLIH) set up on 1st May 2012 to be managed by NHB, The Skoch Financial Inclusion Awards – 2012 conferred to NHB for its project in Energy Efficient New Residential Housing in India in the “Housing” Category, Certificate of Merit for Energy Efficient Housing for year 2012 from Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) awarded to NHB, NHB Conferred with “Best Employer Brand Award” at the IPE BFSI Awards 2012, Refinance Disbursements of ₹17635 Crore in the year 2012-2013 registering an increase of 22% from the year 2011-2012, Three new products developed viz Special Refinance Scheme for Urban Low Income Housing, Refinance Scheme for Installation of Sola Water Heating and Lighting Equipments in homes & Refinance Scheme for Construction Finance for Affordable Housing, 10 year tax free bond mobilized including issuance through public issue at an average yield of 6.94%, NHB RESIDEX expanded by 6 new cities viz Chandigarh, Coimbatore, Dehradun, Meerut, Nagpur & Raipur thereby now covering 26 cities, Bank’s in-house magazine “Awas Bharti” won first prize in the competition organized by Delhi Town Official Language Implementation Committee (TOLIC), Operating Profit by about 18% and Profit after Tax increased by over 8% from ₹450 Crore to ₹487 Crore, Total units financed under Golden Jubilee Rural Housing Finance Scheme were 3,83,971 units The total units financed since inception stood at 42,98,863 units, NHB and Department For International Development, DFID of UK have entered into an agreement for DFID’s assistance to NHB to the tune of £50 million for promoting affordable housing in eight Low Income States (LIS) as per the terms & conditions mentioned therein which include income, loan size as important parameters, NHB in partnership with World Bank through Government of India, initiated a program to encourage the flow of funds to the urban poor for their housing requirements Under the program, NHB will be receiving loan of US $100 million (approx) over a period of five years from World Bank which will be used to refinance the retail loans extended by the Primary Lending Institutions (PLIs) which conform to the criteria laid down under the program, NHB entered into a Memorandum of Understanding (MoU) with Indian Green Building Council (IGBC) with respect to promoting Energy Efficient Homes, sharing of information, capacity building, networking in events and meetings and establishing Synergy between “NHB Energy Efficient Homes & IGBC Green Homes”, Mobilised 4000 crore through issuance of Tax Free Bonds, having benefits under Section 10(15)(iv)(h) of the Income Tax Act, 1961, through public issues/ Private placement for tenors of 10/15/20 years. 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